The Department of Veterans Affairs (VA) has announced a reduction in life insurance premiums for over 3 million veterans, service members, and their spouses. The new rates will take effect in the spring of 2025.

The reduced premiums apply to those insured under Veterans’ Group Life Insurance (VGLI), Servicemembers’ Group Life Insurance (SGLI), and Family Servicemembers’ Group Life Insurance (FSGLI). These changes also affect future enrollees. The discounts vary by program and policyholder category.

For veterans, around 450,000 VGLI members will see premium reductions ranging from 2% to 17%, depending on age, with an average discount of 11%. Service members will experience a decrease in SGLI premium rates from $0.06 to $0.05 per $1,000 of coverage. This change reduces the cost for maximum coverage from $30 to $25 monthly. Including the $1 monthly fee for SGLI Traumatic Injury Protection coverage (TSGLI), most service members with maximum coverage will pay $26 monthly.

Spouses covered under FSGLI will benefit from premium reductions between 11% and 22%, based on age, averaging a 13% discount.

The VA currently provides insurance to 5.6 million veterans, service members, and their families, totaling $1.5 trillion in coverage.

“These premium discounts will make insurance even more affordable for Veterans, service members, and their spouses,” stated VA Under Secretary for Benefits Josh Jacobs. “Veterans and service members deserve to know that their families will have financial support when they pass away — and we’re glad to be taking this step to provide eligible enrollees with greater peace of mind at lower costs.”

Eligible individuals will automatically receive the discounted rates without needing any action on their part.

The VA encourages all eligible veterans to sign up for life insurance by visiting its websites for SGLI, FSGLI, VGLI, and other life insurance options offered by the department.